Libya - Balance of payments

Libya customarily registered balance-of-payments surpluses from 1962
until 1981, thanks to large trade surpluses derived from the export of
oil. Declining oil production caused payments deficits from 1981 to
1984. The services and transfers accounts are in deficit because of
travel by Libyans abroad, transportation costs, payments to foreign
contractors, and remittances by foreign workers. The capital account is
also usually in deficit because of Libyan aid and investment abroad.
Foreign debt is difficult to calculate because trade debts are often
settled by the barter supply of oil.

The US Central Intelligence Agency (CIA) reports that in 2001 the
purchasing power parity of Libya's exports was $13.1 billion
while imports totaled $8.7 billion resulting in a trade surplus of $4.4
billion.

The International Monetary Fund (IMF) reports that in 1999 Libya had
exports of goods totaling $6.76 billion and imports totaling $4 billion.
The services credit totaled $55 million and debit $918 million. The
following table summarizes Libya's balance of payments as
reported by the IMF for 1999 in millions of US dollars.

Current Account

1,984

Balance on goods

2,762

Balance on services

-863

Balance on income

289

Current transfers

-204

Capital Account

…

Financial Account

-971

Direct investment abroad

-210

Direct investment in Libya

-119

Portfolio investment assets

-3

Portfolio investment liabilities

…

Other investment assets

-293

Other investment liabilities

-346

Net Errors and Omissions

-372

Reserves and Related Items

-641

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